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All India Association of Authorized Money Changers & Money Transfer Agents advocates level-playing field for overseas transactions

The All-India Association of Authorized Money Changers and Money Transfer Agents has demanded inclusion of foreign currency cash, wire transfers through banks, pre-paid forex cards and other international payments into the TCS exemption ambit offered to the overseas transactions using debit and credit cards under the Liberalized Remittance Scheme (LRS). The Union Ministry of Finance […] ....

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Foreign Exchange Industry calls for clarity on proposed 20 per cent TCS: Seeks parity with debit and credit cards

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Business News | Foreign Exchange Industry Calls for Clarity on Proposed 20 Per Cent TCS: Seeks Parity with Debit and Credit Cards

Get latest articles and stories on Business at LatestLY. Mumbai (Maharashtra) [India], May 25: The foreign exchange Industry has expressed serious concerns about the applicability of 20 per cent Tax Collection at Source (TCS) under the Liberalized Remittance Scheme (LRS) effective from July 1, 2023. On 19th May, 2023, Ministry of Finance clarified that transactions conducted overseas using debit and credit cards would be exempted from TCS up to a small value of Rs 7 lacs per financial year. However, there was no specific clarification provided regarding small value transactions involving Foreign Currency Cash, Wire Transfers through Banks, Prepaid Forex Cards, and other International payment options widely used by individuals during overseas trips for leisure or employment. The All India Association of Authorized Money Changers & Money Transfer Agents have submitted a representation to the finance ministry regarding the aforementioned concerns. Business News | Foreign Exchange ....

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